Legislation – Finance (No. 2) Act 2024

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Introduction

1 Income tax charge for tax year 2024-25

2 Main rates of income tax for tax year 2024-25

3 Default and savings rates of income tax for tax year 2024-25

4 Freezing starting rate limit for savings for tax year 2024-25

5 Increase in thresholds to £60,000 and £80,000

6 Reduction in higher CGT rate for residential property gains to 24%

7 Abolition of multiple dwellings relief for SDLT

8 First-time buyers’ relief from SDLT: acquisition of new lease on bare trust

9 Exemption from SDLT: registered providers of social housing etc

10 Purchases by public bodies not to be subject to special 15% rate of SDLT

11 Treatment of non-UK agricultural property and woodlands for IHT purposes

12 Charge and main rate for financial year 2025

13 Standard small profits rate and fraction for financial year 2025

14 Additional relief for low-budget films with specified UK connection

15 Section 14: commencement and transition

16 Increase in theatre tax credit

17 Increase in orchestra tax credit

18 Increase in museums and galleries exhibition tax credit and removal of sunset

19 Energy security investment mechanism

20 Collective investment schemes: co-ownership schemes

21 Economic crime (anti-money laundering) levy

22 Transfers of assets abroad

23 Minor VAT amendments

24 Collective money purchase arrangements

25 Interpretation

26 Short title

Income tax charge, rates etc

3Default and savings rates of income tax for tax year 2024-25

(1)

For the tax year 2024-25 the default rates of income tax are as follows—

(a)

the default basic rate is 20%,

(b)

the default higher rate is 40%, and

(c)

the default additional rate is 45%.

(2)

For the tax year 2024-25 the savings rates of income tax are as follows—

(a)

the savings basic rate is 20%,

(b)

the savings higher rate is 40%, and

(c)

the savings additional rate is 45%.